Stock Monitor: Companhia Paranaense de Energia - COPEL Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 23, 2018 / Active-Investors.com has just released a free earnings report on Ormat Technologies, Inc. (NYSE: ORA) ("Ormat"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ORA. The Company posted its financial results on March 01, 2018, for the fourth quarter of the fiscal year 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17). The Company reported a growth of 12.1% y-o-y in its quarterly electricity revenues, while electricity gross margin improved 1.9% during the reported quarter. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For Q4 FY17, Ormat posted total revenues of $166.37 million, which came in marginally lower than the $166.52 million recorded at the end of Q4 FY16. The Company's total revenue numbers fell short of market expectations of $169.4 million.
The geothermal Company reported a net income attributable to stockholders of $65.96 million, or $1.29 per diluted share, in Q4 FY17, up from $35.31 million, or $0.70 per diluted share, in Q4 FY16. Furthermore, market analysts had forecasted an adjusted net income of $0.57 per diluted share for Q4 FY17.
The Reno, Nevada-based Company's total revenues rose 4.6% to $692.81 million during FY17 from $662.59 million in FY16. Moreover, the Company's net income attributable to stockholders increased to $155.49 million, or $3.06 per diluted share, from $93.93 million, or $1.87 per diluted share, in FY16.
For Q4 FY17, the Company's total cost of revenues were $102.01 million, came in higher than the $99.88 million spent in the last year's same quarter. The Company's gross profit was $64.36 million, or 38.7% of total revenues, in the reported quarter versus $66.64 million, or 40.0% of total revenues, in Q4 FY16.
Ormat's research and development (R&D) expenses came in at $0.79 million compared to $0.73 million in Q4 FY16. The Company's selling and marketing (S&M) expenses were down to $3.52 million in Q4 FY17 from $4.29 million in Q4 FY16. The Company's general and administrative (G&A) expenses also declined to $9.85 million in Q4 FY17 from $10.09 million in the last year's comparable quarter. The Company's operating income stood at $48.40 million in the reported quarter compared to $51.23 million in Q4 FY16. Furthermore, the Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) was $87.42 million in the reported quarter compared to $76.94 million in Q4 FY16.
During Q4 FY17, Ormat's Electricity segment's revenues increased to $128.50 million from $114.63 million in Q4 FY16. The segment's cost of revenues was $75.02 million in Q4 FY17 compared to $69.16 million in the prior year's corresponding quarter. Furthermore, the segment's gross margin increased to 41.6% in Q4 FY17 from 39.7% in Q4 FY16.
Ormat's Product segment reported revenues of $37.86 million in Q4 FY17 compared $51.89 million in Q4 FY16. The segment's cost of revenues came in at $26.99 million in Q4 FY17 compared to $30.72 million in the previous year's same quarter. Additionally, the segment had a gross margin of 28.7% in Q4 FY17 compared to 40.8% in Q4 FY16.
For the full fiscal year ended December 31, 2017, Ormat generated cash from operations of $245.58 million compared to $159.29 million in the prior year. The Company's cash and cash equivalents balance stood at $47.82 million as on December 31, 2017, compared to $230.21 million at the close of books as on December 31, 2016.
In its earnings guidance for the full year FY18, Ormat projects total revenues in to be in the range of $688 million to $712 million; with the Electricity segment's revenues between $500 million and $510 million, and Product segment's revenues between $180 million and $190 million. The Company expects adjusted EBITDA to be in the band of $355 million to $365 million for FY18.
Stock Performance Snapshot
April 20, 2018 - At Friday's closing bell, Ormat Technologies' stock dropped 2.00%, ending the trading session at $57.72.
Volume traded for the day: 521.65 thousand shares, which was above the 3-month average volume of 258.85 thousand shares.
Stock performance in the last month – up 1.57%; and past twelve-month period – up 0.42%
After last Friday's close, Ormat Technologies' market cap was at $2.98 billion.
Price to Earnings (P/E) ratio was at 18.86.
The stock has a dividend yield of 1.59%.
The stock is part of the Utilities sector, categorized under the Electric Utilities industry.
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